manufacturing-wide variables are included for each sector. Generalised impulse responses indicate that increased trade openness …

evaluation when the objective function measures the distance between estimated and model impulse responses. Observational …

Traditional vector autoregressions derive impulse responses using iterative techniques that may compound specification … estimates of the true impulse responses. We use local linear projections to investigate the dynamic properties of a model for a … small open economy, New Zealand. We compare impulse responses from local projections to those from standard techniques, and …

impulse responses further substantiate this finding especially over longer horizons. Over shorter horizons, however, exchange …

In structural vector autoregressive (SVAR) models identifying restrictions for shocks and impulse responses are usually … shocks and impulse responses. In this paper it is pointed out that specific distributional assumptions can also help in …

model, unit root tests, vector autoregression, impulse responses. JEL classification: C14; C32 ∗This research was supported … function, L¨utkepohl (1991, Chapter 3) which we discuss next. Figure 3 shows the impulse responses together with ±2 asymptotic …. 7 We have tried all possible variable orderings when computing the impulse responses and the only notable change is …

In structural vector autoregressive (SVAR) models identifying restrictions for shocks and impulse responses are usually … shocks and impulse responses. In this paper it is pointed out that specific distributional assumptions can also help in …